In a recent interview on the Wolf of All Streets podcast, Mark Yusko, the Founder, CEO & CIO of Morgan Creek Capital, a crypto hedge fund, expressed his bullish outlook on Bitcoin (BTC). Yusko is also the Managing Partner of Morgan Creek Digital.
Yusko’s optimism is rooted in his belief that Bitcoin could potentially reach a market cap equivalent to that of gold, which would translate to a price of $300,000 per Bitcoin, a staggering 887% increase from its current levels.
According to Yusko, as reported by The Daily Hodl, if Bitcoin is considered as the digital counterpart of gold, it’s not unreasonable to expect it to achieve a similar market cap. He argued that Bitcoin is a superior store of value compared to gold due to its portability and ease of transfer.
“If I had a bar of gold and I wanted to break it in half and send you half, I’m not strong enough to break a bar of gold first of all. Secondly, I couldn’t stuff it into the computer to send it to you. If I want to send you some Bitcoin, it’s just a couple of buttons and we’re done. So that’s a superior store of value. So I believe Bitcoin-gold equivalence is a no-brainer.“
Yusko further explained that if we consider the market cap of gold to be around $12 trillion, half of that isn’t really used as a monetary base but rather for jewelry and other non-monetary uses. Therefore, the actual monetary base of gold is around $6 trillion. If Bitcoin were to reach this market cap, it would mean a tenfold increase from its current price, bringing it to $300,000.
The CEO of Morgan Creek Capital also emphasized that he doesn’t care when Bitcoin will reach this price. He said,
“Now when? Tomorrow? Next day? I don’t care. Sometime in the future. That’s easy that $300,000 number.”
As of the time of writing, Bitcoin is trading at around $29,780, down 0.28% in the past 24-hour period, but up nearly 80% in the year-to-date period.